November 03, 2009

Reliance University on the anvil

On November 17, when chairman Mukesh Ambani addresses Reliance Industries’ annual general meeting, he is likely to announce the group’s next foray: education.

India’s biggest business house is planning to launch a private university in line with the Ivy League institutions, says a company insider, though the contours are yet to be finalised.

....

According to an IDFC-SSKI report, Indians spend $50 billion annually on private education. The four segments of the education market — plus two, higher, vocational and supplemental — present a $80-billion opportunity by 2012. It is expected to grow at a CAGR of 16%, says a CLSA Pacific study.

“Mukesh envisions bringing global education to India. He will outline a road map for the business in the AGM speech,” says an official close to RIL who did not wish to be named. An RIL spokesman declined to comment.

....

Ditto Jaiprakash Industries, which is already running engineering institutes, while the London-listed mining giant Vedanta Group has announced a large university near Puri in Orissa. Those in the waitlist include Chennai-based Murugappa group and FMCG company Ruchi Soya.

Kapil Sibal is away courting the foreign universities to get them to set shop in India. He should be courting Indian investors too and far more aggressively at that. An Indian university can get off the blocks much faster and we may know how to run it better. There's enough and more of money in India and the know how, experience and skills required to set up and run an university can easily be purchased acquired by an Indian entity. What we need most today is the vision, the largeness of outlook and the willingness to invest money. More importantly, to think big over the really long term, well beyond one's lifetime. While Mukesh Ambani and the others to come, have enough and more of the former, we will have to wait and see about the latter.

Listen to a description of Ezra Cornell's unreasonable vision to get a sense of how a self-made millionaire decided to invest his surplus into building the foundation for a university in the mid 19th century. His motto - "I would found an institution where any person can find instruction in any field of study" - speaks for his vision, and long-term outlook. The operative word is found. He probably knew his vision may not be achieved in his lifetime, but like all visionaries, he was envisioning the way things ought to be, rather than the way things could be in his day or lifetime. He didn't stop with the vision. He hired the right institution-builders and did enough and more to give it the momentum to keep going on and on. I'd say it's still work in progress.

Jamsetji Nusserwanji Tata is another example of such a visionary closer to home.

Comments

On November 17, when chairman Mukesh Ambani addresses Reliance Industries’ annual general meeting, he is likely to announce the group’s next foray: education.

India’s biggest business house is planning to launch a private university in line with the Ivy League institutions, says a company insider, though the contours are yet to be finalised.

....

According to an IDFC-SSKI report, Indians spend $50 billion annually on private education. The four segments of the education market — plus two, higher, vocational and supplemental — present a $80-billion opportunity by 2012. It is expected to grow at a CAGR of 16%, says a CLSA Pacific study.

“Mukesh envisions bringing global education to India. He will outline a road map for the business in the AGM speech,” says an official close to RIL who did not wish to be named. An RIL spokesman declined to comment.

....

Ditto Jaiprakash Industries, which is already running engineering institutes, while the London-listed mining giant Vedanta Group has announced a large university near Puri in Orissa. Those in the waitlist include Chennai-based Murugappa group and FMCG company Ruchi Soya.

Kapil Sibal is away courting the foreign universities to get them to set shop in India. He should be courting Indian investors too and far more aggressively at that. An Indian university can get off the blocks much faster and we may know how to run it better. There's enough and more of money in India and the know how, experience and skills required to set up and run an university can easily be purchased acquired by an Indian entity. What we need most today is the vision, the largeness of outlook and the willingness to invest money. More importantly, to think big over the really long term, well beyond one's lifetime. While Mukesh Ambani and the others to come, have enough and more of the former, we will have to wait and see about the latter.

Listen to a description of Ezra Cornell's unreasonable vision to get a sense of how a self-made millionaire decided to invest his surplus into building the foundation for a university in the mid 19th century. His motto - "I would found an institution where any person can find instruction in any field of study" - speaks for his vision, and long-term outlook. The operative word is found. He probably knew his vision may not be achieved in his lifetime, but like all visionaries, he was envisioning the way things ought to be, rather than the way things could be in his day or lifetime. He didn't stop with the vision. He hired the right institution-builders and did enough and more to give it the momentum to keep going on and on. I'd say it's still work in progress.

Jamsetji Nusserwanji Tata is another example of such a visionary closer to home.